Colorado | Home Loan | Mortgage | Refinance

Archive for March, 2010

What is a “distressed” property? What is “bargain” real estate?

A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less. Discovering the seller’s problem and finding a solution is the key to buying a bargain property. A distressed property may also be a “doghouse,” a dump, or a fixer. Owners of “doghouses” are not always distressed sellers.

18 Easy Steps to Buy a Bargain House

1. Get good advice from successful investors. Ask friends and real estate agents for referrals to investors.

2. Create your personal “Investment Journal,” like Doghouse to Dollars Workbook: Turn Yucks into Bucks Investor’s Guide.

3. Define investment goals: Do you want to buy a home to live in, to fix and sell, or to hold for your future?

4. Get credit reports & scores. Create a file for each credit reporting agency. Take care of any credit issues.

5. Read Real Estate investing books and articles. Attend workshops and seminars. Avoid out of date infomercials on TV.

6. Get good advice from lenders. Choose a lender with great service, good closing record, and fair costs. Arrange financing.

7. Define your target locations: Is your desired property near home or job, vacation or second home?

8. Learn your target market. Study real estate newspaper sections. Pick up homes for sale flyers. Watch sales and note prices, amenities, and conditions. Follow HUD sales in your area.

9. Interview Real Estate agents and learn from them. Do not sign any agreements with agents limiting your search for bargain property. (These contracts make you pay the agent a commission even if you purchase by owner.)

10. Use agents who know local market customs and guarantee to make many offers for you.

11. Find a good escrow officer for buying “for sale by owners.”

12. Study home remodeling, design magazines and books. Learn the costs of materials, supplies, and trades. Visit home improvement warehouses. Note costs of building materials.

13. Be ready to know a bargain property when you see it.

14. Make many offers. Bid on HUD repos.

15. Buy only bargain property. Get great terms or concessions from seller.

16. Plan house transformation during escrow. This speeds your work time — saving you money in holding expenses.

17. Monitor real estate escrow closing. Do not jeopardize your financing by charging up credit cards or making unnecessary purchases.

18. Celebrate buying your “doghouse” with an open house!

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The Internet has made a lot of things so much easier for the average human being that if the plug were pulled tomorrow we would all of a sudden find ourselves in a very difficult position with respect to carrying out our daily routine. Because of its convenience there is something for everyone that they would miss if the Internet went down – not just from a sentimental point of view, but also because it would change how they did things, quite radically in some cases. One of the most important applications of the Internet is from a point of view of personal finance. A lot of people these days do their banking online. But it doesn’t stop there, because getting the best deals on a range of financial products becomes a lot easier when the Internet is involved.

A mortgage refinance, for example, is something that more and more people are considering because of the state of the financial markets. The markets falling has led to lower interest rates, and anyone clever enough and with a good enough credit rating to refinance to a fixed rate mortgage under the current circumstances can end up making a big saving. The idea is to pay off your existing mortgage with the new one and have a little left over to cover other debts – leaving you with one manageable monthly repayment. The key aspect of this whole idea is that you will be stretching those payments over a longer time – so you will have longer to wait for the magical “mortgage free” feeling. The payoff for you is that if you refinance at the right time, you can end up with a great deal.

Finding the right deal is very much the key in this respect. If you use an online mortgage calculator before arranging your mortgage refinance you can find out exactly where you stand. Taking into account your income and the current state of your finances a mortgage calculator will drive you towards the best deal for you. The best mortgage deal for you may not be the one which is best for others, and the calculator takes account of this. Overall, by paying attention you can save yourself a lot of money. The right mortgage refinance will often differ from the wrong one by an overall figure ranking in the thousands of dollars.

Everyone likes to save money. The best mortgage refinance will allow the customer to do this not only in the short term, but can make the long-term level of debt you carry significantly smaller. The truth of the matter is that this will not be the case for everyone, and this is what the mortgage calculator is there to detect. If, for example, you only have five years until retirement and no significant pension plan, you will not be the best candidate for a mortgage refinance. In other circumstances, though, it could be the decision which allows you to unlock the potential of your income.

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… the first sale in more than two years of private-label securities backed by newly originated home mortgages, according to the Journal. The market for private-label mortgage securities—those not backed by Fannie Mae, Freddie Mac or any …
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There are certain things that keep Karen Blomquist up at night. Nervous customers with variable-rate mortgages are among them. A broker with Mortgage Intelligence … definitely come first, says Julie McCarthy. She and her husband Kevin opted to cash …
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Health Care Opposition Gets Threatening, Banks and the Battle for the Middle Class, Healing the Mental Wounds of War
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## Shot 10/15/2009. ## Crack down on a mortgage fraud ring spanning four states, resulting in the arrest of dozens of people working for three mortgage brokers.31 people arrested and 41 charges with engaging in mortgage fraud scams worth more than $64 million. ## QC: ken
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There are several online auto finance loan calculator that enables you to compute the monthly charges needed in making auto loan payments. By using the auto finance loan calculator online you can have a fair idea how much is monthly payment required for your loan. In using the auto finance loan calculator to compute the loan amount you are required to provide the purchase price or selling price of the car before tax. Then deduct the trade in amount to the gross selling price. The net price is multiplied to the sales tax rate in order to get the sales tax. Then add sales tax and fees to the gross purchase price to get the total price of the car. Then deduct the amount you paid as down payment. Also deduct the net trade-in amount. Net trade-in refers to the trade-in value less the balance owed on the car being traded in. After deducting down payment and net trade-in amount you will arrive at the Loan Amount.

Different auto finance loan calculators may arrive at different amount if you use them but they more or less give you an idea on the range of auto loan payments you are expected to make. In using the auto finance loan calculator you will often come across the following terms:

Interest rate is a term used in auto finance loan calculator which refers to the annual charge for the loan.

APR or annual percentage rate is used in auto finance loan calculator which refers to the yearly rate of interest and other fees or the costs paid in order to acquire the loan. APR combines the fees and interest into a single rate.

Term is used in auto finance loan calculator to refer to the length of time for the loan.

Cash down in the auto finance loan calculator refer to the amount of cash paid as down payment. Trade-in allowance used in auto finance loan calculator is the total dollar amount assigned to your car when trade-in for the car being purchased.

Amount owed in trade is the total loan balance still outstanding on the car being traded-in.

Taxable fees used in the auto finance loan calculator refer to any additional fee subject to sales tax. Non-taxable fees are those fees not subject to sales tax. This refers to document fees and other fees due at delivery and not taxable.

Sales tax rate required in auto finance loan calculator refers to the total amount of sales tax on the purchase. In most states sales tax is computed by deducting trade-in value to the purchase price in order to get the sales tax amount. Some states based sales tax directly on the gross purchase price.

Total down is the net amount paid as down payment. This is computed by getting the cash down plus trade-in and then you deduct the outstanding loan balance on trade-ins.

Sales price in the auto finance loan calculator refers to the total price of the car. Loan amount is the total amount of your auto loan.